NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: ‘Crypto Week’ Takes A Hit: US House Fails To Advance Key Acts
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: ‘Crypto Week’ Takes A Hit: US House Fails To Advance Key Acts

Bitcoin Struggles to Hold $7K as US Stocks, Oil, Gold Fall in Sync

Yashu Gola
Yashu Gola
1 year ago
2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

  • Bitcoin briefly dipped below $7,000 as the US oil prices collapsed to their two-decade low.
  • The cryptocurrency’s price declined alongside US equities and Gold markets, again exhibiting a risk-on behavior.
  • The US dollar, on the other hand, jumped on safe-haven demand.

Bitcoin briefly fell below its $7,000-support in what appears to be a panic-sell caused by the upsetting US oil prices ahead of the New York morning bell.

bitcoin, btcusd, cryptocurrency
BTCUSD edges lower as US stocks, oil fall | Source: TradingView.com, Coinbase

The benchmark cryptocurrency plunged 2.95 percent to log an intraday low of $6,920. It shortly recovered part of its losses, reclaiming $7,000  to mark the presence of bulls, but hinted a turbulent week ahead as it continues its short-term correlation with the bearish US stocks.

US Market Sell-off

The US benchmark S&P 500 was set to begin Monday in the negative area, with its futures implying to open 49 points lower, according to CNBC pre-market data. Its downside predictions followed the collapse of the US oil benchmark, West Texas Intermediate, to its two-decade low.

It slid 30 percent to $11 per barrel as lockdown imposed because of the fast-spreading Coronavirus pandemic hit the oil demand.

Oil futures, S&P futures, and Bitcoin all falling. Everyone's dancing to the same drum pic.twitter.com/pdaBT1ULde

— Joe Weisenthal (@TheStalwart) April 20, 2020

The dangers lurking in the US financial market affected an otherwise non-correlated asset like bitcoin. As of late, investors have sold off the cryptocurrency to cover their losses elsewhere. Bitcoin’s top competitor Gold has also faced similar sell-offs during US stocks meltdown.

The yellow metal fell by 0.68 percent to $1,671.21 an ounce during the European session Monday.

Bitcoin is now at the risk of extending its downside moves as investors move to the US dollar as their short-term safe-haven ahead of the release of macro data and corporate earnings this week. Coca Cola, Netflix, Delta Airlines would release their first financial reports during the Coronavirus pandemic that has led investors to expect more market volatility.

US Dollar Up; Troubles for Bitcoin?

While bitcoin, gold and US stocks plunge, the demand for US dollar remains strong. The US Dollar Index, which tracks the greenback against a basket of foreign currencies, jumped by 0.34 percent on safe-haven demand Monday.

dollar, bitcoin, btcusd
DXY inches higher on safe-haven demand | Source: TradingView.com

As the market heads further into a recession, and disruption in economic activity continues with rising Coronavirus cases, bitcoin is one of those assets that would remain under the risk of bearish swings. Meanwhile, its profitability in the near-term could make it an ideal asset to liquidate for dollar, adding more downside pressure.

Gold and the US dollar remain among the top reserve of value assets in this crisis. pic.twitter.com/0MVMHBBpsY

— Daniel Lacalle (@dlacalle_IA) April 20, 2020

So far, bitcoin is maintaining its April gains.

Cover image via Unsplash.

Tweet123Share214ShareSend
Yashu Gola
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN.

Read more

Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

Close

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Ethereum Flexes Muscle

Ethereum Flexes Muscle, Outperforms Bitcoin Amid Market Momentum

Ethereum price started a fresh increase above the $3,020 zone. ETH is now consolidating gains and might correct lower toward...

Aayush Jindal 1 hour ago
Bitcoin price whale news

Bitcoin OG Whale Moves 40,000 BTC To Galaxy, Triggering Market Shock

A single wallet that has sat untouched since 2011 jolted the market overnight, wiring 40,009 BTC—worth roughly $4.68  billion at prevailing prices—to...

Jake Simmons 2 hours ago
Bitcoin Price Attempts a Comeback

Bitcoin Price Dips — Is This the Calm Before the Surge or the Storm?

Bitcoin price started a downside correction from the $123,200 zone. BTC is now trading below $120,000 and might find bids...

Aayush Jindal 2 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

BNB Price Slips as Peers Climb

BNB Price Stalls: Struggles to Resume Gains While Altcoins Rally

Aayush Jindal 4 minutes ago

Bitcoin Profit-Taking Spikes Without Price Drop – Strong Demand Or Delayed Reaction?

Ash Tiwari 52 minutes ago
XRP Price Clings to Support

XRP Price Eyes Fresh Gains: Traders Bullish After Momentum Spike

Aayush Jindal 1 hour ago

Premium Sponsors

Press Releases

  • e 3 coiny poniżej 1 dolara mogą zamienić 200 dolarów w...

    9 hours ago
  • ミームコインの価格急騰が続く中、注目の仮想通貨プレセールが50万ドルを突破し、次の100倍コインになる可能性がある。

    ...

    14 hours ago
  • 仮想通貨おすすめ|ビットコイン強気派の一休み中に買うべき銘柄

    ...

    15 hours ago
  • 2025年注目の新しい仮想通貨|Solana発 次世代ミームコインが投資家の期待を集める

    2025年注目の新しい仮想通貨|Solana発...

    15 hours ago
  • 2025年7月第2週にクジラが購入した注目のアルトコイン

    ...

    15 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.